Petrol and diesel prices remained unchanged in the country on Sunday. This is the longest duration when the rates have remained static.
In December 2021, the Delhi government had reduced the value-added tax on petrol from 30 per cent to 19.40 per cent. With this, petrol prices in the national capital were slashed by Rs 8.56 per litre.
In Delhi, petrol costs Rs 95.41 a litre while the rate of diesel was Rs 86.67 per litre.
In Mumbai, petrol can be bought at Rs 109.98 per litre and diesel costs Rs 94.14 for one litre. Among the metro cities, fuel rates are still the highest in Mumbai. Fuel prices vary across the states due to value-added tax or VAT.
Diesel and petrol prices also remained static in Kolkata at Rs 89.79 and Rs 104.67. In Chennai too, they remained unchanged at Rs 91.43 and Rs 101.40.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates.
Meanwhile, hostilities between Russia and Ukraine, along with sustained demand, is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the short term.
Consequently, the geo-political crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 15-22 per litre.
It is widely expected that the OMCs will revise the current prices on or after March 7, which is the last day of voting in the ongoing state assembly elections.
(With inputs from Agencies)
